企业碳排放信息披露的动因及经济后果:资金缺口与绿色披露溢价

Motivations and Economic Consequences of Carbon Emission Information Disclosure:Funding Gap and Green Disclosure Premium

本文从财务因素的视角出发,提出资金-披露假说和绿色披露溢价假说,探究企业碳排放信息披露的原因及影响。研究结果表明,资金缺口大的企业更倾向于披露碳排放信息。而且,披露碳排放信息的企业在债券市场上享有绿色披露溢价,即能够以更低的利率发行债券。本文结论具有重要的政策含义:中央银行及金融监管部门可以通过实施碳减排的融资支持政策,导入可验证的碳排放信息披露标准,激励和帮助金融机构及企业披露气候相关信息,在实现碳中和过程中发挥更加积极的作用。

This paper explores the motivations and economic consequences of corporate carbon emission information disclosure from a financial perspective,introducing the funding-disclosure hypothesis and the green disclosure premium hypothesis.The findings reveal that companies with significant funding gaps are more likely to disclose carbon emission information.Additionally,companies that disclose this information benefit from a green disclosure premium in the bond market,allowing them to issue bonds at lower interest rates.These results carry important policy implications:central banks and financial regulatory authorities can promote financing support policies for carbon emission reductions,establish verifiable carbon emission disclosure standards,and encourage financial institutions and companies to disclose climate-related information.Such measures would enhance the role of financial markets in achieving carbon neutrality.